Peru's private investment promotion agency ProInversión has approved the final version of the concession contract for the modernization of Callao port's Muelle Norte terminal, which calls for an investment of US$749mn.

The eventual concessionaire will invest US$206mn in the project's first phase and US$101mn in its second phase. Both stages involve preliminary works and must be carried out within 44 months, state news agency Andina reported.

Third-stage works will cost US$154mn, while the fourth and fifth stages will require US$397mn and US$166mn respectively.

The Muelle Norte project is scheduled to be awarded by April 1. Prospective bidders for the 30-year concession are Hong Kong-based Hutchinson Port Holdings (HPH), APM Terminals and Ports America.